TechFlow reports that Hong Kong's Financial Secretary Paul Chan said at the 2023 Caixin Summit that while indeed some virtual asset service providers have operated improperly—such as mixing operators' funds with clients' funds, or allowing platform operators to also act as market makers—the underlying technology of Web3 is blockchain, which will continue to develop regardless of personal preferences.
Chan stated that blockchain can establish open, secure, and low-cost platforms. Hong Kong plans to introduce an appropriate regulatory regime to promote the responsible development of Web3 and virtual assets in the city.
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